Life Insurance at 45

Forty-five and here you are with a growing family and mounting financial responsibility. Protecting those you love and the life you are building together is more important than ever. Life insurance at 45 is a smart way to secure your family’s financial future.

If you are worried about the cost of life insurance at 45, you probably don’t need to. Life insurance premiums for people in their 40s are still quite affordable and should fit into even a tight budget. We’ll show you some sample quotes for life insurance at 45 in a bit. These figures should ease your concerns. Still, don’t delay, your life insurance costs will only increase as you age.

What we’ll do here is lay out some quick answers to some very common concerns clients have when shopping for life insurance. This can be some pretty complicated business and a decision this big merits the help of a qualified professional. Ogletree Financial Services can be your counsel, a professional agent guiding you step-by-step to the peace of mind you are seeking.

We understand how important life insurance is, and nothing should keep you from getting the protection that your family deserves.

Call now and get started today!  1-800-712-8519

What is Term Compared to Permanent Life Insurance?

To get started, let’s look at the basic: the two main umbrellas of life insurance protection.

Term policies are simpler and less expensive, while permanent policies are generally more expensive but with advantages that make it a more flexible and powerful financial product. There are two main differences between term and permanent life insurance.

Number one – term life insurance is temporary, usually coinciding with the duration of a particular financial responsibility (e.g. a mortgage or support for your family). Permanent life insurance is just that, permanent. No matter when you die, your beneficiaries will receive the proceeds of your policy. With a term policy, if you die after your policy has expired, no benefit is paid.

Number two – permanent life insurance has a cash accumulation feature that does not exist for term policies. The cash values of permanent life policies, whether whole (ordinary) life, universal (adjustable) life, variable life, variable universal life, or indexed universal life (IUL), add dynamic and flexible financial opportunities (sometimes referred to as living benefits) to the basic death benefit of life insurance.

Why do I Need Life Insurance?

Most financial experts consider life insurance to be a very important part of a sound financial plan. Anywhere you are relied on financially is when life insurance may be needed. First and foremost is replacing the income you provide your family, especially if you have children. This money is the engine that drives your family and is where many clients start their life insurance calculations.

life insurance at 45Your children’s higher education is another expense you may want your life insurance benefit to cover. This is an important part of how you lead your children to adulthood and if you die unexpectedly you don’t want this to change.

4 key features of Indexed Universal Life for College Planning

Mortgages and other large debts are sometimes insured with a life insurance policy, often with a decreasing term policy. Decreasing term policies have a decreasing death benefit that equals the outstanding balance of your loan as you pay it off. A large debt is not something you want to leave for your family, a life insurance policy can solve this issue.Life insurance at 45

Indexed Universal Life for Mortgage Protection?

Small businesses often use life insurance to protect the firm, factory, shop, or restaurant you are developing. Often each partner buys a policy on the life of the other partner. This life insurance coverage, which features very inexpensive premiums, can allow a business to continue and provide additional funds for the deceased’s family.

Funding buy sell agreements with indexed universal life insurance

How Much Life Insurance do I Need?

There are a variety of ways to add up your life insurance needs. Some are very simple and might just involve multiplying your salary by 15, 20 or 25. For example, if you make $43,000 a year, you might purchase life insurance with a death benefit of $645,000, $860,000 or $1,075,000 (15, 20 or 25 X $43,000).

What size death benefit will cover your financial obligations if you die unexpectedly?

This might be an easy way to get started, but when making an important decision like purchasing life insurance, you will want to invest a little more thought into the process. This is where the guidance of a qualified agent from Ogletree Financial Services is extremely advantageous. A thorough analysis of your family’s financial standing and future goals will lead you and your family to the appropriate life insurance coverage at the most affordable rates available.

A qualified agent can help you to consider the various needs you want your life insurance to meet.

If you want to ensure your children’s college education, where will they go to school? The price of a college education rises every year, so when will your children go to school? Do you want to take care of all college expenses or just tuition and books?

If you are interested insuring your mortgage, check out a decreasing term policy with a face value that decreases over time, tracking the balance of your debt as you pay it off.

Arriving at the correct life insurance strategy for your family will take some work, but the peace of mind you feel will make your investment more than worthwhile. Ogletree Financial Services can be your advisor and start you towards a confident financial future for your family.

How Much Will My Life Insurance Cost?

At 45 and in good health your life insurance policy should be very affordable. Every insurance carrier out there has different ways of handling insurance rates. Some companies are not as effective, meaning they have higher premiums.

The quote we have below is from one single company. There are so many ways a company can view your application, your rates could be drastically different.

The rates we’ve given are for an applicant who is in excellent health. We’ve given several kinds of plans – every kinds of lengths and amounts of coverage.

 

45-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000$250,000$500,000$1,000,000
10-year$14.01$19.16$32.35$53.57
15-year$16.35$24.98$42.30$75.15
20-year$19.60$29.38$53.57$98.09
25-year$24.83$41.87$76.90$148.26
30-year$28.08$49.95$86.54$165.02

45-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000$250,000$500,000$1,000,000
10-year$19.07$36.32$63.50$108.47
15-year$22.58$42.35$80.78$143.07
20-year$27.07$56.12$98.09$189.78
25-year$39.09$77.98$146.53$286.97
30-year$45.06$98.75$176.69$326.99

45-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000$250,000$500,000$1,000,000
10-year$11.42$17.86$26.78$45.79
15-year$12.28$22.62$31.97$58.75
20-year$15.60$26.94$41.43$77.33
25-year$20.41$32.65$58.54$111.47
30-year$22.66$37.54$66.28$129.60

45-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000$250,000$500,000$1,000,000
10-year$16.76$28.46$51.38$89.44
15-year$19.27$34.64$66.53$116.26
20-year$22.20$41.48$79.49$143.07
25-year$28.98$56.14$105.88$203.62
 30-year$32.20$65.32$125.28$243.65

Life Insurance at 45

Hopefully, this article has you familiarized with the basics of life insurance and given you the confidence to pursue this important move for you and your family. Right now is the time to get started!

life insurance at age 45

 

 

 

 

 

And getting started is easy!

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the free term quoter on the left side of this page!
About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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